As the year comes to a close, we start to look forward to the next year and what to expect. 2019 was a great year in franchising with epic growth. Consumer spending and confidence were at an all-time high, and while that should continue, next year is an election year which can breed uncertainty. It can also bring change, growth, and excitement to many industries.
What should we look for in franchising in 2020?
We will continue to see steady growth in many of the recession-resistant, needed services like childcare, enrichment, pet care, home, and business services. Health, beauty and fitness industries will continue to grow. As our world gets larger, people crave community and service, these industries are at the top for retail growth.
What will be different?
Companies with the most exciting growth in 2020 will be disrupting their industries. Disruption in franchising happens when a new company comes into an industry that has been doing things the same way for many years and change the old ways of doing business.
Think of a snow globe…everything has been sitting nice, pretty and calm over time. When a disruptive company comes in and shakes it up…it’s hard to see for a moment and then as the snow settles, the beauty shines through. Example of companies that are disrupters are Uber, Apple, Airbnb, and Tesla!
2020 is a new decade! It will be a year of growth, economic gain, and change for many. It’s a year to try something new, be in control of your future, and to set some exciting goals!
